Investor News Details

Disclaimer

The SEC Filings on this page are provided by EDGAR (www.sec.gov), the Electronic Data Gathering, Analysis, and Retrieval System of the U.S. Securities and Exchange Commission (SEC). EDGAR performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the SEC. The information here is provided for your convenience only. Comcast has no control over the information provided by EDGAR and cannot guarantee the sequence, accuracy, or completeness of any information or data displayed through EDGAR. Accordingly, Comcast does not accept any responsibility for the content or use of any information obtained through EDGAR.

Consult Your Tax Advisor

The information in this document represents our understanding of federal income tax laws and regulations, but does not constitute personal tax advice based on your specific situation. It does not purport to be complete or to describe the consequences that may apply to you given your particular taxes. You should consult your own tax advisor regarding the applicability of any state, local and foreign tax laws.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast
Corporation, said, "Our results mark the third consecutive quarter of
accelerating growth in revenue and operating cash flow, driven by
overall customer growth, a robust advertising market and continued
strength in Business Services. As we near completion of our All-Digital
and DOCSIS 3.0 deployments, we are increasing the pace of innovation and
new product introductions to our customers. We believe this focus on
consistently improving the customer experience and on driving profitable
growth will further strengthen our competitive position and build
long-term value for our shareholders."

Consolidated Financial Results

Revenue increased 7.3% in the third quarter of 2010 to
$9.5 billion, while Operating Cash Flow increased 7.6% to
$3.6 billion and Operating Income increased 14.2% to $2.0
billion. This growth was due to solid operating results in the Cable and
Programming segments. Excluding $21 million of NBC Universal-related
transaction costs, Operating Cash Flow increased 8.2%.

For additional detail on revenue and operating expenses, customer
metrics, and capital expenditures, please refer to the trending
schedules on Comcast's Investor Relations website at www.cmcsa.com
or www.cmcsk.com.

Earnings per Share1 (EPS) for
the quarter ended September 30, 2010 was $0.31, a 6.1% decrease from the
$0.33reported in the third quarter of 2009. Excluding NBC
Universal transaction-related costs, income tax benefits and one-time
financing expenses, third quarter 2010 EPS increased 14.3% over the
comparable period in 2009 (see Table 4).

Third quarter 2010 EPS: Includes $21 million of operating
expenses plus $45 million of financing and other costs related to the
NBC Universal transaction, resulting in total third quarter
transaction costs of $66 million, or $39 million net of tax ($0.01 per
share).

Third quarter 2009 EPS: Includes the recognition of income tax
benefits of $251 million ($0.09 per share), partially offset by
one-time financing expenses of $180 million, or $113 million net of
tax ($0.04 per share).

EPS for the nine months ended September 30, 2010 was $0.93, stable
compared to the prior year. Excluding NBC Universal transaction-related
costs, income tax benefits and one-time financing expenses, EPS for the
nine months ended September 30, 2010 increased 17.1% over the comparable
period in 2009 (see Table 4).

Year-to-date 2010 EPS: Includes $57 million of operating
expenses plus $97 million of financing and other costs related to the
NBC Universal transaction, resulting in total year-to-date transaction
costs of $154 million, or $92 million net of tax ($0.03 per share).

Year-to-date 2009 EPS: Includes the recognition of income tax
benefits of $436 million ($0.15 per share) partially offset by
one-time financing expenses of $180 million, or $113 million net of
tax ($0.04 per share).

Capital Expenditures for the third quarter of 2010
increased $139 million, or 11.4%,to $1.4 billion, or 14.4% of
total revenue, reflecting purchases of advanced (HD and/or DVR) boxes,
digital transport adapters (DTAs) and increased investment in Comcast
Business Services to support growth in these areas. For the nine months
ended September 30, 2010, capital expenditures decreased 2.2%to
$3.4 billion, representing12.2% of total revenue.

Free Cash Flow (excluding any impact from the Economic
Stimulus packages) was $1.0 billion in the third quarter of 2010, a 7.8%
decline from $1.1 billion in the third quarter of 2009. The decrease in
Free Cash Flow reflects higher cash income taxes and a modest increase
in capital expenditures. Free Cash Flow for the nine months ended
September 30, 2010 totaled $4.3 billion, a 17.0% increase as compared to
$3.6 billion in 2009.

($ in millions)

3rd
Quarter

Year to Date

2009

2010

Growth

2009

2010

Growth

Net Cash Provided by Operating Activities

$2,612

$2,400

(8.1%)

$7,725

$7,732

0.1%

Capital Expenditures

(1,227)

(1,366)

11.4%

(3,508)

(3,429)

(2.2%)

Cash Paid for Capitalized Software

(99)

(102)

3.0%

(287)

(277)

(3.5%)

Cash Paid for Other Intangible Assets

(43)

(33)

(23.3%)

(96)

(95)

(1.0%)

Adjustments for Payment of Tax on Nonoperating Items

(84)

37

NM

66

68

3.0%

FCF (Including Economic Stimulus Packages)

$1,159

$936

(19.2%)

$3,900

$3,999

2.5%

Impact from Economic Stimulus Packages

(47)

89

NM

(252)

268

NM

Free Cash Flow

$1,112

$1,025

(7.8%)

$3,648

$4,267

17.0%

Note: The definition of Free Cash Flow remains unchanged and
specifically excludes any impact from the 2008-2010 Economic Stimulus
packages.

Cable Segment Results

For the quarter ended September 30, 2010, Cable segment revenue
increased 6.9% to $9.0billion compared to $8.4 billion in the
third quarter of 2009. This increase reflects growth across our Video,
High-Speed Internet and Voice residential services, a 55% increase in
Business Services and a 27% increase in advertising revenue. Reflecting
rate adjustments and a growing number of residential customers taking
multiple products, the monthly average total revenue per video customer
increased 10.4% to $129.75.

For the nine months ended September 30, 2010, revenue from the Cable
segment increased 5.2% to $26.6 billion compared to $25.3 billion in
2009.

Operating Cash Flow for the third quarter of 2010 increased7.1%
to $3.5billion compared to $3.3 billion in the third quarter of
2009. Operating Cash Flow margin was 39.5% in the third quarter of 2010,
a slight increase compared to 39.4% reported in the third quarter of
2009. These results primarily reflect increases in video programming and
marketing costs, partially offset by reduced customer service and
high-speed Internet expenses.

For the nine months ended September 30, 2010, Operating Cash Flow from
the Cable segment increased 5.6% to $10.8 billion compared to $10.2
billion in 2009. Year-to-date Operating Cash Flow margin was 40.5%
compared to 40.4% in the first nine months of 2009.

Customers.As of September 30, 2010, Comcast's Video,
High-Speed Internet and Voice customers totaled 48million, an
increase of 1.2 million or 2.5% over the prior year.

(in thousands)

Customers

Net Adds

3Q09

3Q10

Growth

3Q10

YTD

Video Customers

23,759

22,937

(3.5%)

(275)

(622)

High-Speed Internet Customers

15,684

16,696

6.5%

249

766

Voice Customers

7,379

8,353

13.2%

228

731

Combined Video, HSI and Voice Customers

46,821

47,987

2.5%

202

875

Digital Video Customers

18,005

19,456

8.1%

219

1,041

Total Revenue Generating Units

64,826

67,443

4.0%

421

1,916

Programming Segment Results

The Programming segment reported third quarter 2010 revenue of $416
million, an 8.7% increase, while Operating Cash Flow increased 26.3% to
$150 million. These results reflect the impact of a strong advertising
market across all networks and ratings strength at E!.

For the nine months ended September 30, 2010, Programming segment
revenue increased 11.3% to $1.3 billion compared to the same time period
in 2009. Operating Cash Flow increased 23.2% to $423 million compared to
the same period last year.

Corporate and Other

Corporate and Other includes corporate overhead, Comcast Interactive
Media (CIM), Comcast-Spectacor, and other operations and eliminations
between Comcast's businesses. For the quarter ended September 30, 2010,
Corporate and Other reported revenue of $92 million, a 49.8% increase
over the $60 million reported in the third quarter of 2009, reflecting
revenue growth and the acquisition of Paciolan at Comcast-Spectacor and
strong advertising revenue growth at CIM. The Operating Cash Flow loss
for the third quarter of 2010 was $118 million compared to a loss of
$104 million for the same time period in 2009. Excluding approximately
$21 million of expenses related to the NBC Universal transaction, this
quarter's Operating Cash Flow loss would have been $97 million.

For the nine months ended September 30, 2010, Corporate and Other
revenue increased 36.8% to $354 million from the $258 million reported
in the first nine months of 2009. The Operating Cash Flow loss was $329
million compared to a loss of $253 million for the same time period in
2009. Excluding approximately $57 million of expenses related to the NBC
Universal transaction, the year-to-date Operating Cash Flow loss would
have been $272 million.

Share Repurchase and Dividend

During the third quarter of 2010, Comcast repurchased 17.5 million of
its common shares for $300million. Year-to-date, Comcast has
repurchased 54.0 million of its common shares for $900 million. As of
September 30, 2010, Comcast had approximately $2.4 billion of
availability remaining under its share repurchase authorization.

During the third quarter of 2010, Comcast paid cash dividends totaling
$265 million.

Notes:

1

Earnings per share amounts are presented on a diluted basis.

All percentages are calculated on whole numbers. Minor differences
may exist due to rounding.

Conference Call Information

Comcast Corporation will host a conference call with the financial
community today, October 27, 2010 at 8:30 a.m. Eastern Time (ET). The
conference call will be broadcast live on Comcast's Investor Relations
website at www.cmcsa.com
or www.cmcsk.com.
Those parties interested in participating via telephone should dial
(800) 263-8495 with the conference ID number 10950140. A replay of the
call will be available starting at 12:30 p.m. ET on October 27, 2010, on
the Investor Relations website or by telephone. To access the telephone
replay, which will be available until Monday, November 1st,
2010 at midnight ET, please dial (800) 642-1687 and enter passcode
number 10950140. To automatically receive Comcast financial news by
email, please visit www.cmcsa.com
or www.cmcsk.com
and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements. Readers are
cautioned that such forward-looking statements involve risks and
uncertainties that could cause actual events or our actual results to
differ materially from those expressed in any such forward-looking
statements. Readers are directed to Comcast's periodic and other reports
filed with the Securities and Exchange Commission (SEC) for a
description of such risks and uncertainties. We undertake no obligation
to update any forward-looking statements.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are
not presented according to generally accepted accounting principles in
the U.S. (GAAP). Certain of these measures are considered "non-GAAP
financial measures" under the SEC regulations; those rules require the
supplemental explanations and reconciliations that are in Comcast's Form
8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com)
is one of the nation's leading providers of entertainment, information
and communication products and services. With 22.9 million cable
customers, 16.7 million high-speed Internet customers, and 8.4 million
Comcast Digital Voice customers, Comcast is principally involved in the
development, management and operation of cable systems and in the
delivery of programming content.

Based on diluted weighted-average number of common shares for the
respective periods as presented in Table 1.

(2)

2009 Net Income attributable to Comcast Corporation includes
favorable income tax adjustments related to the settlement of
uncertain tax positions and related interest.

(3)

3rd quarter 2009 Net Income attributable to Comcast Corporation
includes financing charges of $180 million in total, $113 million
net of tax.

(4)

3rd quarter 2010 Net Income attributable to Comcast Corporation
includes $21 million of operating expense, $2 million of interest
expense and $43 million of other expense ($66 million in total,
$39 million net of tax) related to the NBC Universal
Transaction. 2010 year to date Net Income attributable to Comcast
Corporation includes $57 million of operating expense, $6 million
of interest expense and $91 million of other expense ($154 million
in total, $92 million net of tax) related to the NBC Universal
Transaction.